Mortgages made easier
The idea of remortgaging can seem scary or complicated, but it doesn’t have to be. In this quick guide, we explain how to remortgage, step by simple step.
Knowing how to remortgage can make the entire process feel a lot less daunting, especially if it’s your first time. Here, we’ll dive into the whats, whys, whens, and hows of switching to a new mortgage deal.
Before we explain how to do it, let’s talk about what it means to remortgage in the first place.
In short, it’s replacing your current mortgage deal with a new deal, either with your current mortgage provider or a different one. Not so scary!
There are a few reasons why you might want to remortgage:
The best time to remortgage is when your current deal is coming to an end. We always recommend that you start searching around 6 months before your current deal finishes.
For instance, if you’re on a two-year fix, you should start thinking about your options at the 18-month mark. This will put you in the strongest position for finding the best deal without feeling rushed or pressured.
Note: If you’re planning on remortgaging early (as in, before your current deal’s expired) you may be charged an early repayment fee. It’s a good idea to speak to a remortgage expert (hint, hint) and run the numbers. It can sometimes be cheaper, in the long run, to switch and pay the associated penalties and fees — but usually, it’s better to stay put and wait it out.
And, of course, there are some other scenarios where remortgaging simply doesn’t make sense. This can include remortgaging to clear debt (often more expensive long-term) or when your remaining mortgage is too small.
Generally speaking, finding and applying for a new mortgage deal won’t take that long, but you do have to factor in everything that happens after. You’ve got paperwork to fill in, processes to follow, and you may also need to have your property revalued if you’re changing lenders.
All things considered, the remortgaging process can take 4-8 weeks to complete, so give yourself plenty of time to get everything sorted.
Now that we’ve covered what it means to remortgage and why and when you should do it, let’s look at how it’s actually done:
When you remortgage with Habito, we follow all the steps above, but we make things even faster and easier. We’ll find the best remortgage deal for you, and do all the heavy lifting of submitting and chasing up your application.
The best place to start is with our online remortgage calculator to see what remortgaging could save you. Once you’re ready to start the process, just answer a few questions to tell us a bit more about you and your situation, like whether you live in your property or let it out, and when your fixed term ends.
Once we have an idea of what you’re looking for, we set you up with your own remortgage expert. We’re a whole-of-market broker, so we have access to almost every mortgage deal out there (we even have access to some exclusive deals banks won’t offer you directly).
Your remortgage expert then takes the reins, doing all of the applying and following up on your behalf. Lender needs chasing for an update? We’ll do the badgering to keep everything on track. And with Habito Plus, we can take care of the legal work and property survey, too.
And the best bit? You’ve got a remortgage expert and a dedicated case manager by your side throughout. And, you can track the progress of your application in your online dashboard, right to the very end. Seamless.
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